By Alexander Miller, consultant in energy markets. Eurasia Business News, August 17, 2025. Article n°1718
A decree signed by Russian President Vladimir Putin on August 15 on the conditions for foreigners to obtain a stake in the operator of the Sakhalin-1 oil and gas project may allow the U.S. oil and gas corporation ExxonMobil to return its stake in the project.
On Friday, Vladimir Putin supplemented the conditions for foreigners to obtain a stake in the operator of the Sakhalin-1 oil and gas project. Now the share in the authorized capital of Sakhalin-1, the decision to transfer which was made by the Russian federal government
The transfert of stakes to the foreign party is subject to a number of conditions, including the conclusion of contracts for the supply of foreign equipment and spare parts necessary for the Sakhalin-1 project, as well as technical cooperation agreements.
Vladimir Putin signed the decree on the eve of the summit in Alaska with the President of the United States Donald Trump.
By the decree No. 723 of October 7, 2022, Russian President Vladimir Putin ordered the creation of a Russian operator for the Sakhalin-1 Production Sharing Agreement (PSA) project. This new operator would take over the rights and obligations previously held by U.S. company Exxon Neftegaz Limited, which owned a 30% stake in the project. The newly established operator is managed by Sakhalinmorneftegaz-Shelf, a subsidiary of the Russian oil giant Rosneft, which itself holds a 20% stake in the project.
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